Hot stock: iFast hits record-high after announcing participation in Hong Kong eMPF project

SHARES of iFast Corporation on Monday hit a record-high since the mainboard-listed wealth management platform's initial public offering in December 2014.

The counter reached an intra-day high of S$6.40 as at 5pm on the day, up 16.2 per cent or S$0.89. It later closed at S$6.37, up 15.6 per cent or S$0.86, with 3.6 million shares changing hands.

The share surge follows the company's announcement on Saturday that PCCW Solutions - the IT flagship of PCCW Group - won the tender for Hong Kong's eMPF platform.

iFast is PCCW Solution's prime subcontractor for a category that includes Mandatory Provident Fund (MPF) scheme operation services, transformation services and user delivery services, it said in a bourse filing.

The eMPF platform aims to standardise, streamline and automate the MPF scheme administration processes to create room for fee reduction and a predominantly paperless experience in the MPF System.

iFast said its participation in the eMPF Platform project is subjected to the finalisation of contractual details. It added it will share more details on the project with its shareholders in due course.

In mid-January, iFast said it participated in the bidding of projects, including "certain ones in Hong Kong" which may have a material positive impact on its business should they prove successful.

It was responding to queries from the Singapore Exchange (SGX) over "unusual price movements". SGX noted at the time its latest query marked the fourth one issued to iFast in the past six months.